HCS Capital Backs Connected Car Platform Jooycar

HCS Capital Partners (HCS), a Miami, FL based private equity and operating firm, announced it has completed a $3m investment in Jooycar, a Chilean company operating in the space of auto insurance and telematics in Latin America.

Headquartered in Santiago, Chile, Jooycar is in the middle of an international expansion to the US and across Latin America. It provides a connected car platform and services, using telematics and machine learning to develop usage-based insurance (UBI) products for commercial and personal lines.

Jooycar combines data collected from devices plugged into the car, as well as a mobile app, to deliver real time vehicle information, customized maintenance reporting, loss prevention, detailed driver risk assessment and scoring, driving patterns, route optimization, etc. It has seen 400% annual growth and will have nearly 40 million kilometers processed on their platform by the end of the year in Chile alone. This round of funding will allow Jooycar to capitalize on the success in Latin America and expand to the US, a $280b annual auto insurance premium market.

“We have continued to be impressed by Jooycar’s achievements over the past 3 years. Their impressive platform, which will allow them to rapidly scale, combined with their team and vision for growth in the U.S. and Latin American markets is an exciting combination and we are proud to be a part of Jooycar’s growth and U.S. expansion.” – HCS Capital CEO, Alex Horvitz.